All in AI & Machine Learning

CFPB Highlights Innovative Uses of Data and Machine Learning in Credit

On Tuesday, the Consumer Financial Protection Bureau (CFPB) released a noteworthy blog post providing an update on key findings about the use of alternative data for credit access in connection with the Bureau’s first no-action letter (NAL). The post, written by top agency officials, discusses a NAL that the CFPB issued in September 2017 to Upstart Network, Inc., a company with an online lending platform that utilizes “alternative data” and machine learning to make credit decisions.

New Executive Order Drives Federal AI Strategy

On Monday, President Trump issued an Executive Order launching the American AI Initiative, a coordinated strategy across the government to promote AI research, development, and deployment.  The Executive Order follows initiatives by the White House Office of Science and Technology Policy (OSTP) to focus on the benefits that AI has to offer, encourage its development, and seek to maintain U.S. leadership in a rapidly developing area.